eLynx, a portfolio company of American Capital, and First American Title Insurance Company, through its Mortgage Services division, have announced the integration of the eLynx electronic closing network (eCN) with First American Title Insurance Company’s transaction system, known as FAST. The integration, which extends eLynx’s collaborative eCN services, validates the identity of settlement agents and their standing with title underwriters before closing documents or funds are released, which is a key component in streamlining the closing process. Lenders and settlement agents can now interact in a shared eCN workspace that includes loan data from the lender and HUD-1 estimated closing statement data from FAST.
This electronic integration helps to increase accuracy and reduce the cycle times and costs associated with loan settlement activities by eliminating the need for re-keying and the manual exchange of data. By using eCN as the communication backbone, lenders can now transmit loan data and documents directly to settlement partners using FAST and receive data and documents from First American’s FAST system. It also provides lenders with a complete view of the loan status during origination and closing.
“eLynx and First American are committed to administering and managing an integrated loan and HUD-1 data exchange environment that saves lenders time and money,” said Sharon Matthews, president and chief executive officer of eLynx. “Both companies’ customers can now easily and seamlessly share their existing workflows to collaborate and deliver loan data for the lifecycle of a loan.”
The loan and HUD-1 data integration is available to all users of eCN and the fully automated option is available for use by First American Title Insurance Company’s direct operations and its extensive network of agents nationwide.
“This data integration is based on MISMO/UMDP standards and supports the Fannie Mae and Freddie Mac Loan Quality Initiative, one of the mortgage industry’s most important efforts,” said Christos Bettios, chief information officer for First American Title Insurance Company’s mortgage services division.
